JUNE 2018
2 4 7 8 Monthly Market Report MONTHLY MARKET REPORT JUNE 2018
Summary MOST EXPENSIVE SALES The average sales price in Manhattan rose substantially in the four weeks leading up to May 1, while the number of recorded sales was up slightly. The average sales price for all units, including co-ops and condos, was $2.3 million, up from $2.1 million the prior month. The number of recorded sales, 820, was up slightly from the 807 recorded the preceding month. AVERAGE SALES PRICE CONDOS AND CO-OPS $59M The Getty $2.3 Million 501 West 24th Street, #PH 6+ beds, 6+ baths The average price of a condo was $3.5 million and the average price of a co-op was Approx. 10,137 ft2 ($5,826/ft2) $1.3 million. There were 388 condo sales and 432 co-op sales.
RESIDENTIAL SALES 820 $1.9B UNITS GROSS SALES
The most expensive sale this month was at The Getty, a new Chelsea condo. The penthouse in the Peter Marino-designed condo on the High Line sold for $59 million. The 10,137-square-foot unit commanded $5,826/ft2. $50M 15 Central Park West, #1617B The second most expensive sale was in 15 Central Park West, where a combination 4 beds, 6+ baths unit, 16/17B, sold for $50 million. The 5,417-square-foot unit has four bedrooms and 2 2 six bathrooms. Approx. 5,417 ft ($ $9,230/ft )
The third biggest sale this month was at 432 Park Avenue. Apartment 77B in the building sold for $42 million. The 5,421-square-foot unit has four bedrooms and five bathrooms. 388 432 CONDOS SOLD CO-OPS SOLD $42M AVG PRICE AVG PRICE/FT2 AVERAGE PRICE 432 Park Avenue, #77B $3.5M $1,872 4 beds, 5 baths $1.3M Approx. 5,421 ft2 ($7,748/ft2)
*CityRealty's Manhattan area market comprises the area south of 125th street on the West Side, and south of 96th street on the East Side. 2 **CityRealty’s June 2018 market report includes all public records data available through May 31, 2018 for deeds recorded the prior month. MONTHLY MARKET REPORT JUNE 2018 Summary, Cont.
The number of residential sales was up slightly in the four weeks leading up to May 1, and the aggregate sales total, $1.9 billion, was also up from the $1.7 billion sold the prior month. The building with the most aggregate sales recorded this month was The Four Seasons Private Residences at 30 Park Place, which saw $94 million in sales over 4 closings.
Manhattan Residential Unit and Aggregate Sales Totals, Past 12 Months
$3.5B 1,400
$3.0B 1,200
$2.5B 1,000 UNITS SOLD
$2.0B 800
$1.5B 600 AGGREGATE SALES $1.0B 400
$500M 200
0 0
2017 2018
KEY: TOTAL UNIT SALES AGGREGATE SALES
Top Buildings by Aggregate Sales
BUILDING AGGREGATE SALES TOTAL UNITS SOLD AVG PPSF AVG SALE PRICE
The Four Seasons Private Residences $94,004,661 4 $5,700 $23,501,165
432 Park Avenue $64,000,000 2 $8,052 $32,000,000
One West End $45,889,966 13 $2,098 $3,529,997
20 East End Avenue $33,122,275 2 $3,229 $16,561,138
207W79, 207 West 79th Street $31,903,401 5 $2,615 $6,380,680
995 Fifth Avenue $31,400,000 3 $3,545 $10,466,667
160 Leroy Street $28,369,500 6 $2,710 $4,728,250
Citizen 360, 360 East 89th Street $23,913,119 6 $1,943 $3,985,520
212 Fifth Avenue $20,700,000 2 $3,363 $10,350,000
One Riverside Park, 50 Riverside Boulevard $19,635,481 2 $2,217 $9,817,741
3 MONTHLY MARKET REPORT JUNE 2018 Manhattan Condo Sales Summary
30-DAY SALES / PAST 30-Day Total Sales by Region DOWNTOWN PRICE AVG* 30 DAYS Chelsea $1,947 / ft2 (+12%) 22 2% East Village $1,905 / ft2 (-3%) 10 Financial Flatiron/Union Square $2,014 / ft2 (-7%) 19 District/BPC 15% $34M Gramercy Park $1,797 / ft2 (-8%) 7 Upper Greenwich Village $1,898 / ft2 (-5%) 11 East Side 2 $195M SoHo $2,397 / ft (+5%) 5
30-DAY SALES / PAST 41% MIDTOWN PRICE AVG* 30 DAYS Downtown Midtown East $2,578 / ft2 (+16%) 14 $544M Midtown West $1,795 / ft2 (+2%) 47 Murray Hill $1,353 / ft2 (-2%) 38 22% Turtle Bay/United Nations $1,425 / ft2 (+3%) 7 Upper West Side $301M 30-DAY SALES / PAST UPPER EAST SIDE PRICE AVG* 30 DAYS Carnegie Hill $2,120 / ft2 (+11%) 5 Lenox Hill $1,561 / ft2 (+5%) 18 Yorkville $1,701 / ft2 (-4%) 25 20% Midtown 30-DAY SALES / PAST $264M UPPER WEST SIDE PRICE AVG* 30 DAYS 41+2022152 2 Broadway Corridor $2,076 / ft (+16%) 20 Downtown was the highest-grossing region in Manhattan, with Lincoln Center $1,911 / ft2 (+7%) 23 2 $544 million in condominium sales. Midtown was the second Riverside Dr. / West End Ave. $1,723 / ft (+8%) 11 highest-grossing area, with $264 million in sales. Downtown also 30-DAY SALES / PAST had the highest price/ft2, $1,962/ft2, while the Upper West Side FINANCIAL DISTRICT / BPC PRICE AVG* 30 DAYS had the second-highest, $1,934/ft2. Battery Park City $1,318 / ft2 (+1%) 11 Financial District $1,337 / ft2 (+2%) 15 Avg Price / Ft2 by Region
$2,500
$2,000 2
$1,500
$1,000 AVG PRICE / FT / PRICE AVG
$500
2014 2015 2016 2017 2018
KEY: DOWNTOWN MIDTOWN UPPER WEST SIDE UPPER EAST SIDE FINANCIAL DISTRICT/BPC
*Percentage changes are calculated over the same period of the previous month. 4 **CityRealty’s June 2018 market report includes all public records data available through May 31, 2018 for deeds recorded the prior month. MONTHLY MARKET REPORT JUNE 2018 New Developments
New development condo prices averaged $2,112/ft2 this month, compared to $1,770/ft2 for non-new development condominium sales. The number of sales was up this month—115, as compared to 105 in the prior month. The average price, $4.3 million, was up from the $3.6 million average the prior month, and the average price/ft2 was essentially unchanged. The aggregate sales total of new developments was $492 million.
New Development vs All Other Condos
$3,000 $2,112 $2,500 AVG. PPSF
$2,000
$1,500
AVERAGE PPSF AVERAGE $1,000
$500
2017 2018
KEY: NEW DEVELOPMENT NON-NEW DEVELOPMENT
New Developments by Region AVERAGE SALES PRICE $96M Upper West Side $4.3M 22 Sales AVERAGE PPSF $246M $2,112 $85M Downtown -.2% MONTH-OVER-MONTH Upper East Side 48 Sales 14 Sales AGGREGATE SALES $492M 37% OF AGGREGATE CONDO SALES $60M Midtown $6M # OF NEW DEV. UNIT SALES 29 Sales Financial 42District/ BPC +2241319 115 2 Sales 30% OF ALL CONDO UNIT SALES
5 MONTHLY MARKET REPORT JUNE 2018 Luxury Manhattan Condo Contract Signings Above $2,000 Per Square Foot Monthly Period: May 1 - May 31, 2018 TOP 3 MOST EXPENSIVE CONTRACTS, BY ASKING PRICE $28.3M $442M 82 AGGREGATE VALUE CONTRACTS SIGNED
432 Park Avenue, #65B PPSF: $7,029 2 Brokerage: Compass AVG PRICE $5.4M MEDIAN PRICE $3.9M AVG PRICE/FT $2,648 Midtown East
$18.8M Luxury Contracts Signed In Past 6 Months ($2,000+ Per Square Foot)
120
100 Baccarat Hotel & Residences, 44 PPSF: $4,125 80 Brokerage: Douglas Elliman Midtown West
60 $15.9M
40 # OF CONTRACTS
20 Madison Square Park Tower, 55FL 0 PPSF: $3,439 Dec Jan Feb Mar Apr May Brokerage: Douglas Elliman Flatiron/Union Square
Luxury Contracts by Price Category, Past 90 Days
$500M
$450M
$400M
$350M
$300M
$250M $504M, 35 CONTRACTS
$200M
TOTAL CONTRACT VOLUME $150M $258M, 29 $232M, 25 CONTRACTS CONTRACTS $100M
$50M $91M, 18 $80M, 21 CONTRACTS $80M, 28 CONTRACTS $53M, 20 CONTRACTS $45M, 11 $59M, 14 $22M, 5 CONTRACTS $27M, 7 $17M, 5 CONTRACTS CONTRACTS CONTRACTS 0 CONTRACTS CONTRACTS March April May
KEY: LUXE ($2,000-$2,200/FT2) DELUXE ($2,200-$2,400/FT2) SUPERLUXE ($2,400-$2,600/FT2) UBERLUXE ($2,600/FT2+)
Note: Prices shown do not necessarily indicate actual contract prices but show the last listed price. 6 MONTHLY MARKET REPORT JUNE 2018 Snapshot
Oscar-winner Marisa Tomei has put her longtime home in the Emery Roth-designed Bing & Bing co-op at 59 West 12th Street up for sale. The actress carved out the custom home for herself by combining her original unit with a neighbor’s for 2,265 square feet of living space, and is now asking $7.5 million for the spread.
Power couple John Legend and Chrissy Teigen have bought a $9 million penthouse apartment at 374 Broome Street, the same Nolita building in which they once lived. The duo, who first toured “Gilmore Girls” actress the three-bedroom penthouse in December, sold their former one- Lauren Graham sold a bedroom unit in the building for $4 million in August 2016. Greenwich Village co-op. Graham sold the one- bedroom unit at 24 Fifth Avenue for $825,000. She purchased the co-op for $570,000 in 2014.
After nearly four years on the market, Kirsten Dunst has finally sold her industrial- meets-rustic penthouse at 533 Canal Street in Soho. The actress first bought the two-bedroom apartment in 2007 for $3.09 million and has now sold it for $4.43 million, a slight discount from the asking price of $4.5 million.
7 Gabby Warshawer, CityRealty Director of Research and Communications, welcomes any questions and comments regarding the New York City real estate market. She can be reached at [email protected] or by phone at 212-209-8809.
Visit us at www.cityrealty.com for more sales information.
All closed sales data has been provided by the New York City Department of Finance via the Automated City Register Information System (ACRIS). No warranty or representation is made as to the accuracy of any data provided by ACRIS or any other sources. All dimensions are approximate. For exact dimensions, you must hire your own architect or engineer and for no property included in this report shall the number of bedrooms listed be considered a legal conclusion.
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